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Secrets of International
Trade |
  
Export Collection Procedure -
involved the use
of a documentary draft. The exporter
delivers
the draft to his bank, together with all
the shipping documents,
bill of lading,
insurance certificate,
consular invoice...
The documents that are handed over to
the importer may vary according to the
type of merchandise and the foreign
country involved; usually consist of
several copies of each of:
 bill
of lading -
representing title to the goods.
commercial
invoice -
showing the types, quantities, prices,
payment terms, other
details of the export shipment.
consular
invoice - as
required by the foreign country.
insurance
certificate -
indicating that the shipment has been
been insured against various perils.
Other documents - e.g. packing lists,
inspection certificates, health
certificates
certificates
of origin,
etc., as required. |
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Confirmed
versus unconfirmed
Irrevocable letter of credit from
a bank, is still not a cast-iron guarantee
of payment. Not every foreign bank is
scrupulous or financially solvent.
Sometimes a foreign bank,
will |
will not honor
its own financial commitment or perhaps due
to, the sudden imposition or alteration of
foreign exchange controls in the importing
country may make payment impossible, even
though the foreign bank wishes to honor its
commitment...More
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